Why is it in the news?
- The Prime Minister presented the first-ever National Creators Award (NCA).
About National Creators Award (NCA)
- The NCA aims to recognize and celebrate the diverse voices and talents shaping India’s growth and cultural narrative in the digital sphere.
- Spearheaded by MyGov India, the award features a wide array of categories recognizing excellence and impact across various domains including storytelling, social change advocacy, education, and more.
| Creator Economy
· The Creator Economy encompasses a broad ecosystem of businesses, platforms, and individuals involved in creating, distributing, and monetizing content online. · Initiatives like the Digital India campaign have played a significant role in fostering the growth of content creators in India by providing infrastructure and support for digital initiatives.
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About Indian Creator Economy
- India currently boasts a substantial number of creators and knowledge professionals, estimated at around 80 million.
- Within this ecosystem, approximately 150,000 professional content creators are effectively monetizing their services, indicating a burgeoning industry.
- Projections suggest that the Creator Economy in India is expected to witness significant growth, with estimates indicating a doubling in value from $250 billion to $480 billion by 2027.
The growth of the Creator Economy in India is influenced by several key factors:
- Rise in internet usage driven by the availability of low-cost data and the globalization of content consumption.
- Adoption of remote and hybrid work arrangements, which has led to increased opportunities for content creation and collaboration.
- The popularity of short-form video content and other digital media formats, catering to evolving consumer preferences and consumption habits.
Significance of Creator Economy:
- The Creator Economy plays a significant role in promoting India’s cultural ethos through creative storytelling and digital content creation.
- It provides a platform for creators to deliver exceptional content that combines entertainment value with social messaging, contributing to positive social change and awareness.
- Additionally, the growth of the Creator Economy has led to the emergence of new job roles such as video editors, virtual assistants, graphic designers, and others, thereby contributing to employment generation and skill development in the digital sector.
